2017 a strong year for Canadian shopping centres

2017 a strong year for Canadian shopping centres

Canadian shopping centre owners have spent billions on expansions and improvements to their top properties in recent years, and they continue to outperform their American counterparts despite ongoing challenges. “The best malls are getting better,” said Craig Patterson, a retail analyst and founder and editor-in-chief of Retail Insider who authored the new “Canadian Shopping Centre Study 2017” for the Retail Council of Canada.

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Calgary’s CF Chinook Centre latest mall to get new dining hall

As food service options become increasingly important to Canadian shopping centre owners, Cadillac Fairview says it will spend $17 million to revamp food services at its downtown Calgary CF Chinook Centre. The food services upgrade is part of a major investment in the mall during the past several years. It comes as Saks Fifth Avenue prepares to open its first Western Canada outlet in the Chinook Centre in February – the high-end retailer’s third store in Canada.

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PIRET to be acquired by Blackstone in $3.8B deal

UPDATED: Pure Industrial Real Estate Trust announced Tuesday morning it will be acquired by an affiliate of Blackstone Property Partners in an all-cash transaction valued at $3.8 billion. “The trust has accomplished tremendous growth in the 10 years since the initial public offering in August 2007,” said Rick Turner, chairman of PIRET’s board of trustees.

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Ben Myers has a new home, Bullpen Research

Housing industry veteran Ben Myers has launched a boutique residential real estate advisory firm called Bullpen Research & Consulting Inc. “We’ll be concentrating on residential market studies, working with builders, developers, land owners and lenders on underwriting new projects, finding the right mix of units, the appropriate suite sizes, pricing and amenities,” said Myers.

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TowerWise helps fund four GTHA multi-res energy retrofits

Toronto-based The Atmospheric Fund will partner with Natural Resources Canada and the Independent Electricity System Operator to help fund energy retrofits in four Toronto and Hamilton multi-residential properties. The demonstration projects are the next phase in TAF’s TowerWise program, which encourages owners and managers in the GTA and GTHA to improve the energy efficiency of their buildings and reduce greenhouse gas emissions.

Sustainable Biz Canada

An open letter to utilities and service providers

Dear SaskPower/SaskEnergy/SaskTel: I am a commercial real estate agent in Saskatoon. I’ve dealt with your companies on behalf of landlords and owners over the years. Commercial hookups are different than residential services in that commercial clients will often require a number of people to be authorized to deal with the account. This isn’t new…

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Six months ago: Cogir buys DevMcGill, eyes Toronto expansion

Real estate firm Cogir immobilier has purchased Montreal condo developer DevMcGill and hopes to expand into the Toronto area. First off the mark could be a Toronto version of its $200 million-plus Humaniti project in Montreal, Mathieu Duguay, president and CEO of Cogir, told RENX. It will include five elements – a hotel, office space, retail space, condominiums and rental apartments – which Duguay says makes it unique in Canada.

Property Biz Canada

One year ago: Canadian apartment sector still looking good

Canada hasn’t seen a surge in apartment construction like the one it’s experiencing now since the 1960s, and five major players speaking at a Toronto forum expect a continued strong performance for the purpose-built rental sector. “People left the rental market for lower interest rates in home-buying in the ‘90s, and it became really rough in the 2000s,” said CAPREIT CEO Mark Kenney. “Now what we’re seeing is a return of a culture of people renting apartments.”

Property Biz Canada

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